LTMNYSEAir Transportation, ScheduledFiscal year ends December 31
LATAM AIRLINES GROUP S.A.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 5, 2026
$47.49+0.02 (+0.04%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- 19172.4
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
29.2%+44.2 pts over 5 years
Operating margin
16.4%+131.8 pts over 5 years
Net margin
10.2%+126.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +11.2% | +15.1% | +29.5% | +3.9% | |
| Gross profit | +27.3% | +48.9% | – | +7.1% | |
| Operating income | +51.6% | +24.5% | – | +17.9% | |
| Net income | +49.4% | +2.9% | – | – | |
| EPS, diluted | +53.3% | -43.3% | – | – | |
| Free cash flow | +10.1% | – | – | +34.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -1308.0% | 141.1% | |
| Return on assets | – | -24.7% | 8.9% | |
| Current ratio | 0.58 | 0.42 | 0.60 | |
| Debt to equity | 2.10 | -5.43 | – | |
| Net debt to EBITDA | 5.27× | -3.67× | – | |
| Interest coverage | 1.2× | -7.7× | 3.2× | |
| Inventory turnover | – | 13.3× | 22.5× | |
| Capex to revenue | 7.7% | 8.3% | 12.4% | |
| Diluted shares | – | – | 589.30B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Latam Airlines generated $9.38B from operations and spent $6.64B on capital expenditure, dividends and share buybacks. 79% of that went back into the business.
Generated
$9.38B
Used
$6.64B
Capital expenditure$5.27B79%Dividends$780.02M12%Share buybacks$584.84M9%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin10.2%
×Asset turnover0.87×
×Equity multiplier15.90×
=Return on equity, FY2025141.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 10.2% | 0.87× | 15.90× | 141.1% |
| FY2024 | 7.6% | 0.86× | 25.50× | 166.5% |
| FY2023 | 5.0% | 0.84× | 56.60× | 236.2% |
| FY2022 | 14.3% | 0.71× | -3.78× | -38.2% |
| FY2021 | -95.2% | 0.34× | -3.05× | 97.9% |
| FY2020 | -115.9% | 0.21× | 52.86× | -1308.0% |
| FY2019 | 1.9% | 0.85× | 3.66× | 5.9% |
| FY2018 | 3.1% | 0.81× | 3.37× | 8.6% |
| FY2017 | 1.1% | 0.47× | 5.13× | 2.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$1.46B
- Cash generatingOperating cash flow above zero$3.74B
- Return on assets improvedROA up on the prior year6.7% → 9.6%
- Earnings backed by cashOperating cash flow above net income$3.74B vs $1.46B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose0.62 → 0.60
- No dilutionShare count did not rise604.44B → 589.30B
- Gross margin improvedGross margin up on the prior year25.46% → 29.16%
- More efficientAsset turnover rose0.87 → 0.94